India needs Rs.9 lakh crore yearly investment in energy: IEA

New Delhi, Nov 27 (IANS) India needs more than Rs.900,000 crore ($140 billion) investments per year in energy by 2040 as it is set to contribute more than any other country to the rise in global energy demand over the coming quarter century, the International Energy Agency (IEA) said on Friday.

“India is set to contribute more than any other country to the rise in global energy demand over the next 25 years, underlining its ever-great influence in Asia and on the world stage; even so, its energy demand per capita in 2040 would still be 40 percent below the world average,” he said.

“A lot is being done already to overhaul the energy regulatory system and get the incentives in place. This is vital, as India will need to call upon a wider range of investors and sources of finance than it has in the past,” he added.

India needs around Rs.700,000 crore ($110 billion) per year in energy supply, and a further Rs.200,000 crore ($30 billion) a year to improve energy efficiency, Birol said.

He also said that over the next 25 years, 315 million people, equal to the current population of the US, will be added to India’s urban population, raising the demand for energy exponentially.

India’s ministry of new and renewable energy (MNRE) said on Thursday that the country has added 2,311.88 MW of grid-connected power generation capacity from renewable energy sources like solar and wind till October of this financial year, against the full fiscal’s target of 4,460 MW.

India’s total grid-connected power generation capacity from all renewable sources at the end of October was 3,8096.49 MW.